The Business Research Company’s IoT Managed Services Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, November 17, 2023 /EINPresswire.com/ — The global IoT managed services market, currently valued at $60.28 billion in 2022, is expected to reach $76.21 billion in 2023, demonstrating a robust Compound Annual Growth Rate (CAGR) of 26.4%. Despite the short-term disruption caused by the Russia-Ukraine conflict on global economic recovery from the COVID-19 pandemic, the market is anticipated to flourish, projected to hit $178.05 billion by 2027. This growth will be attributed to the escalating usage of IoT managed services solutions across various industries, particularly in automotive, electronics, and information and telecommunications sectors.
Driving Factors Behind Market Expansion
The surge in long-term evolution (LTE) deployment and continual technological advancements in multiple sectors remains a primary catalyst for the expansion of the IoT managed services market. Notably, the utilization of IoT-managed services in the automotive industry has witnessed significant traction, with a substantial increase in IoT-connected vehicles in recent years. In the United States, for instance, 91% of the cars sold in 2020 were IoT-connected, and this number is expected to further escalate to 115 million by 2025. Such interconnected vehicles leverage IoT technology to predict and communicate maintenance needs, thereby enhancing overall operational efficiency.
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Key Players and Technological Advancements
Leading players in the IoT managed services market, including Cisco Systems Inc., IBM Corporation, HCL Technologies Ltd., and HARMAN International, are continuously focusing on technological innovations to ensure data security and seamless connectivity. Notably, advancements in cloud-based technologies have allowed for secure data storage and reliable management of IoT devices. In February 2021, NXP Semiconductors N.V introduced the EdgeLock 2GO IoT cloud service platform, catering to the growing demand for secure deployment and management of IoT devices and services.
• Service Type: Infrastructure Management Services, Security Management Services, Network Management Services, Data Management Services, Device Management Services
• End-Users: Automotive And Transport, Information Technology And Telecom, Healthcare, Banking, Financial Services, And Insurance (BFSI), Manufacturing, Other End-Users
• Organization Size: Small And Medium Enterprises, Large Enterprises
Geographical Insights: Asia-Pacific Emerging as the Fastest-Growing Region
While North America dominated the IoT managed services market in 2022, the Asia-Pacific region is expected to exhibit the highest growth rate in the foreseeable future. The comprehensive report offers detailed insights into regional dynamics, market trends, and growth opportunities.
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IoT Managed Services Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The IoT Managed Services Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on IoT managed services market size, IoT managed services market drivers and trends, IoT managed services market major players, IoT managed services market competitors’ revenues, market positioning, and IoT managed services market growth across geographies. The IoT managed services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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